Chapter 175-6 Development Loans

(A)
Loans for housing shall be made to sponsors or private
developers on forms prescribed by the agency and based on guidelines issued by
the agency.

(B)
A
loan for housing shall be awarded for an amount determined
by agency underwriting guidelines.

(C)
Loans for housing shall be used for
the development and financing of the project.

(D)
The interest rate and terms of the
loans shall be determined by
the agency.

(E)
The agency may
charge fees for reviewing the application, processing the application, any
extensions of the loans, and the closing of the loans, and for any other fee
deemed reasonable by the agency.